DecisionDepot
California legal research

California Financial Code

§ 1608

FIN § 1608 Effective Jan 1, 2012Div. 1.1 · Ch. 16 · Art. 5

Statute text

View on leginfo.ca.gov
Whenever any corporation desires to withdraw from and discontinue doing a trust business, it shall furnish to the commissioner satisfactory evidence of its release and discharge from all the obligations and trusts which it has assumed or which have been imposed on it by law. Thereupon the commissioner shall revoke his or her certificate of authority to do a trust business, and the State Treasurer shall return to it all of the securities deposited by it. Thereafter such corporation shall not be permitted to use and shall not use the word “trust” in its corporate name, or in connection with its business.

Legislative history

Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.

Source: California Financial Code § 1608 from the California Legislative Information (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.